The Italian government will invest in JSW Steel’s Piombino steelmaking facility through its financial arm, Invitalia, vice-minister for economic development Alessandra Todde said at a city hall meeting in Rome this week.
A source close to the matter says Invitalia and JSW are expected to sign a binding agreement in the coming weeks. Due diligence will follow in order to quantify the investment and the value of the Piombino mill, Kallanish notes.
A new industrial plan will be submitted thereafter, involving the revamp of all the mills’ equipment, Todde said at the meeting attended, among others, by union representatives, regional authorities and the Piombino city council.
Meanwhile, the economic development ministry will also meet “shortly” with the management of Liberty Steel’s Italian facility, Magona, also located in Piombino, to discuss state financial support. Authorities intend to relaunch the entire Piombino steelmaking and re-rolling cluster to support its competitiveness, Todde added.
Invitalia is also buying a majority stake in Italian steelmaker Acciaierie d’Italia, formerly known as ArcelorMittal Italia (see Kallanish passim).
Natalia Capra France